Argan, Inc.’s Wholly Owned Subsidiary Gemma Power Systems Receives Full Notice to Proceed on Natural Gas-Fired Combined Cycle Power Plant
Argan, Inc. (NYSE AMEX: AGX) announced that its wholly owned
subsidiary, Gemma Power Systems (GPS), has received from NTE Ohio, LLC,
an affiliate of NTE Energy, a full notice to proceed with engineering,
procurement and construction activities for the Middletown Energy Center
located in Butler County, Ohio.
The Middletown Energy Center will be a state-of-the-art 475 MW natural
gas-fired electricity generating facility that will operate in a
combined-cycle configuration. The project is estimated to be completed
by GPS in the Spring of 2018.
Rainer Bosselmann, Chairman and Chief Executive Officer of Argan,
stated, “We are very excited and ready to commence the substantial work
on this new modern gas-fired power project.”
About Argan, Inc.
Argan’s primary business is designing and building simple and combined
cycle natural gas-fired power plants through its Gemma Power Systems
subsidiary and alternative energy plants including those powered by
renewable energy sources, such as wind and solar, and biodiesel and
ethanol production facilities. Argan also owns Atlantic Projects Company
Limited and Southern Maryland Cable, Inc.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal securities
laws and are subject to risks and uncertainties including but not
limited to: (1) the continued strong performance of our power industry
services business; (2) the Company’s ability to successfully and
profitably integrate acquisitions; and 3) our ability to achieve the
Company’s business strategy while we effectively manage costs and
expenses. Actual results and the timing of certain events could differ
materially from those projected in or contemplated by the
forward-looking statements due to a number of factors detailed from time
to time in Argan’s filings with the Securities and Exchange Commission.
In addition, reference is hereby made to cautionary statements with
respect to risk factors set forth in the Company’s most recent reports
on Form 10-K and 10-Q, and other SEC filings.
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Copyright Business Wire 2015
Source: Business Wire
(October 5, 2015 - 9:51 AM EDT)
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